International Genius Company
HKICPA fines Gabriel Chan Shek Chi, Tong Yat Hung and Cheng & Cheng Ltd HK$100k in total
HKICPA, 6-Jul-2022
For bad audit work on the 2018 accounts of Amber Hill Financial (0033). This is the 5th fine in 3 years for the firm, the 3rd in a year for Mr Chan and the 3rd in 3 years for Mr Tong.
HKICPA, 6-Jul-2022
For bad audit work on the 2018 accounts of Amber Hill Financial (0033). This is the 5th fine in 3 years for the firm, the 3rd in a year for Mr Chan and the 3rd in 3 years for Mr Tong.
Sanction on 5 ex-Directors of Amber Hill (0033)
SEHK, 16-Jun-2022
For failing to co-operate with an investigation - which seems to be the default behaviour for ex-directors.
SEHK, 16-Jun-2022
For failing to co-operate with an investigation - which seems to be the default behaviour for ex-directors.
Target Insurance Co Ltd v Mr Ng Yu & others
HK Court of First Instance, 13-May-2022
The plaintiff, now under managers appointed by the Insurance Authority, alleges a "massive fraud perpetuated" (sic) by Mr Ng Yu and Jerff Lee Cheuk Fung and that Mr Ng is the "central figure in the fraudulent scheme". Mr Ng is Chairman of both Target Insurance (Holdings) Ltd (6161) and Amber Hill Finance (0033). The insurer deposited funds with Nerico Brothers Ltd which were allegedly "dissipated to various corporate vehicles owned by" Mr Ng, including Neo Tech Inc and Amber Hill Capital Ltd.
HK Court of First Instance, 13-May-2022
The plaintiff, now under managers appointed by the Insurance Authority, alleges a "massive fraud perpetuated" (sic) by Mr Ng Yu and Jerff Lee Cheuk Fung and that Mr Ng is the "central figure in the fraudulent scheme". Mr Ng is Chairman of both Target Insurance (Holdings) Ltd (6161) and Amber Hill Finance (0033). The insurer deposited funds with Nerico Brothers Ltd which were allegedly "dissipated to various corporate vehicles owned by" Mr Ng, including Neo Tech Inc and Amber Hill Capital Ltd.
Freada Cheung Kwan, ex-Chairman of Burwill (0024) and China Cloud Copper (0033) declared bankrupt
| Disclosure of interest
HK Court of First Instance, 3-Jun-2020
It appears from the judgment that Ms Cheung, via 2 BVI companies nominally held by others but for which she was guarantor, borrowed from a subsidiary of China Minsheng Investment Group, then each company bought 4.99% of Burwill, cementing her control with an additional 9.98% without disclosure. She denies ownership but the judge writes "the debtor's assertions are incredulous". We note that as of 15-Jan-2016 she held 19.43% of Burwill.
HK Court of First Instance, 3-Jun-2020
It appears from the judgment that Ms Cheung, via 2 BVI companies nominally held by others but for which she was guarantor, borrowed from a subsidiary of China Minsheng Investment Group, then each company bought 4.99% of Burwill, cementing her control with an additional 9.98% without disclosure. She denies ownership but the judge writes "the debtor's assertions are incredulous". We note that as of 15-Jan-2016 she held 19.43% of Burwill.
Concentration warning in Rainbow Brothers (0033)
SFC, 5-May-2010
At 22-Apr-2010, the top 20 holders have 92.90%.
SFC, 5-May-2010
At 22-Apr-2010, the top 20 holders have 92.90%.
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